133.38
Proceedings when anticipatory securities remain unsold.

(A)
If Chapter 133. securities authorized to
fund or refund anticipatory securities remain unsold after being offered at
public or private sale under section
133.30 of the Revised Code, the
taxing authority may, with the consent of the holder of any of the anticipatory
securities, by legislation renew or extend the maturity of any of such
anticipatory securities with interest at the same or a new rate or rates, for
not to exceed one year, to be evidenced by notation on the anticipatory
securities or by the issuance of replacement securities. The taxing authority
may also exchange the securities anticipated for such anticipatory securities
upon terms prescribed by legislation. Legislation passed under this division
shall be certified by the fiscal officer to the county auditor of each county
in which any part of the subdivision is located.

(B)
If Chapter 133. securities that have been
authorized for the purpose of funding or refunding outstanding anticipatory
securities remain unsold after being offered at public or private sale, the
taxing authority may by legislation approve the exchange of the securities for
any of the securities to be funded or refunded. The holder of the outstanding
securities may exchange the securities held for a lesser or like amount of the
new securities at not less than the principal amount of the new securities plus
accrued interest. Any excess or deficiency in principal amount of the
outstanding securities, new securities, or such anticipatory securities shall
be paid to the other by the security holder or the subdivision, as the case may
be. The fiscal officer shall determine the amount of cash and the amount of new
securities to be given to such security holders, which determination shall be
based upon the amount of cash in the bond retirement fund or other special fund
available for such payment. The fiscal officer shall certify that determination
to the taxing authority and the taxing authority shall approve the
determination by legislation before any such securities are exchanged.

(C)
A subdivision that has issued
anticipatory securities may issue securities in a principal amount greater than
the cost of the permanent improvement or of the amount of unpaid special
assessments levied to pay the cost of the permanent improvement and with such
maximum maturities as would have been required had no special assessments
matured, if the tax commissioner certifies that no other funds are available
and applicable to the payment of debt charges on the anticipatory securities at
maturity. The principal amount of the new securities shall not exceed the
principal amount of the maturing anticipatory securities.